Bitcoin and Altcoins Struggle To Gain Bullish Momentum
- Bitcoin price is struggling to climb above the USD 9,050 and USD 9,200 resistances.
- Ethereum is holding the USD 200 support and XRP is rising steadily towards USD 0.200.
- SOLVE and MATIC rallied today and gained more than 15%.
After a short-term upside correction, bitcoin price resumed its decline towards the USD 8,800 level. BTC is currently (08:30 UTC) trading in a broad range and it seems to be struggling to clear the USD 9,050 and USD 9,200 resistance levels.
Looking at most major altcoins, there were mostly range moves in ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is trading above the USD 200 support and facing a strong resistance near USD 205 and USD 210. XRP is currently rising, but it is likely to struggle near the USD 0.200 resistance zone.
Total market capitalization
Recently, bitcoin price managed to stay above the USD 8,800 support level. BTC is currently rising and approaching the USD 9,000 level. The first major resistance is near the USD 9,050 level, above which the price might attempt to clear the USD 9,200 resistance zone. The next major hurdle is seen near the USD 9,500 level.
On the downside, the USD 8,800 level is a decent support zone. However, the main supports are near USD 8,650 and USD 8,550, below which the price could slide towards USD 8,200.
Ethereum price is holding the USD 200 and USD 198 support levels. ETH is showing a lot of positive signs above USD 200 and it seems like there are chances of more upsides if there is a break above the USD 205 level. The main resistance zone is still near the USD 210 level.
If the price fails to continue higher above USD 205 and USD 210, the bears are likely to aim a larger decline below the USD 200 and USD 198 support levels in the near term.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is stuck between the USD 225 and USD 240 levels. If BCH breaks the USD 240 level, it could rise towards the USD 250 resistance zone. Conversely, there is a risk of more losses towards the USD 220 and USD 210 levels in the near term.
Litecoin is holding steady above the USD 42.20 and USD 42.00 support levels. However, LTC seems to be struggling to clear the USD 43.50 levels. The main hurdle is still near the USD 45.00 zone. If the bulls continue to face hurdles, there are chances of a sustained decline towards the USD 40.00 level or even USD 38.00.
XRP price is currently rising and trading near the USD 0.196 level. If there are more upsides, the price is likely to test the USD 0.200 resistance. To move into a positive zone, the bulls need to gain momentum above USD 0.200 and USD 0.202. On the downside, the key supports are still USD 0.190 and USD 0.192.
Other altcoins market today
In the past three sessions, a few small altcoins climbed more than 5%, including SOLVE, MATIC, REN, QNT, BTS, MAID, RVN, NMR, and STEEM. Conversely, HYN, TFUEL, UBT, and ENJ are down more than 5%.
Overall, bitcoin price is holding the USD 8,800 support, but it is facing hurdles near the USD 9,050 and USD 9,200 levels. If there is a clear break above USD 9,200, the price could recover. If not, BTC could dive towards USD 8,550.